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☆ CNN is notifying staff of layoffs as Warner Bros. Discovery seeks further cost reductions. Read CEO Chris Licht's memo to staff about the cuts.
▼ + stars: | 2022-11-30 | by ( Claire Atkinson | ) www.businessinsider.com time to read: +3 min

CNN is executing a huge layoff plan starting today, according to a company memo sent out by CEO Chris Licht. CNN CEO Chris Licht notified employees today that the news organization will begin lay-offs as part of a cost reduction effort implemented by parent company Warner Bros. On Thursday, CNN employees will learn if they are impacted. Read Licht's full memo below:To my CNN colleagues,Our people are the heart and soul of this organization. Tomorrow, we will notify impacted employees, and tomorrow afternoon I will follow up with more details on these changes.

☆ Brazil votes in heated Bolsonaro vs. Lula presidential runoff
▼ + stars: | 2022-10-30 | by ( Anthony Boadle | ) www.reuters.com time to read: +5 min

Bolsonaro has vowed to consolidate a sharp conservative turn in Brazilian politics after a presidency marred by the pandemic. Lula promises more social and environmental responsibility, recalling the rising prosperity of his 2003-2010 presidency, before corruption scandals tarred his Workers Party. Several polls showed the race between them tightening in the final week, with Bolsonaro eroding a slight lead for Lula. Bolsonaro outperformed opinion polls in the first round of voting on Oct. 2 among a field of 11 candidates. POST-ELECTION CONCERNSBrazil's electoral authorities are preparing for a narrow result, which Bolsonaro may contest if he loses.

☆ These five stocks are best positioned for long-term growth, Goldman analysts say
▼ + stars: | 2022-10-29 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Goldman Sachs said this week that there are a bunch of stocks that are poised for long-term growth. "PEP remains very well positioned given its strong brand portfolio and long-term growth opportunities in Beverages," she wrote. Tesla "Mixed 3Q report; Company remains well positioned for long-term growth in part from potential cost and EPS drivers. BlackRock "Macro hurdles persist, but long-term growth outlook remains. … PEP remains very well positioned given its strong brand portfolio and long-term growth opportunities in Beverages."

☆ ECB hikes rates by 75 basis points and scales back support for European banks
▼ + stars: | 2022-10-27 | by ( Silvia Amaro | ) www.cnbc.com time to read: +2 min

The European Central Bank announced Thursday a 75-basis-point interest rate hike — its third consecutive increase this year — while also scaling back support for European banks. These are a tool that provides European banks with attractive borrowing conditions, designed to incentivize lending to the real economy. However, because the ECB has been increasing rates faster than expected in the face of soaring inflation, European lenders are benefiting from both TLTROs and higher interest rates. This will see the cost of lending for banks rise significantly under the scheme. Further details on the new conditions for European banks will be published at 2:45 p.m. London time.

☆ Shopify shares pop 18% on smaller-than-expected loss
▼ + stars: | 2022-10-27 | by ( Sofia Pitt | ) www.cnbc.com time to read: +2 min

Shares of Shopify jumped 18% after the e-commerce company reported earnings that beat Wall Street's revenue estimates and a narrower-than-expected loss for the third quarter. Loss per share : loss of $0.02, adjusted, vs. loss of 0.07 expected by analysts according to Refinitiv. : loss of $0.02, adjusted, vs. loss of 0.07 expected by analysts according to Refinitiv. Revenue: $1.37 billion vs $1.33 billion expected, according to Refinitiv. Revenue was up 22% from the same quarter last year, but Shopify said the strong U.S. dollar weighed on its sales.

☆ Larry Summers blasts UK tax cuts as 'utterly irresponsible' and warns of possible contagion
▼ + stars: | 2022-09-27 | by ( Elliot Smith | ) www.cnbc.com time to read: +6 min

The sudden sell-off in the pound and U.K. bond markets led economists to anticipate more aggressive interest rate hikes from the Bank of England . I was surprised when the new chancellor spoke over the weekend of the need for even more tax cuts," Summers said on Twitter. U.K. inflation unexpectedly fell to 9.9% in August, and analysts recalibrated their eye-watering expectations after the government stepped in to cap annual household energy bills. 'Emerging market currency crisis'Sterling has fallen by roughly 7-8% on a trade-weighted basis in less than two months, and strategists at Dutch bank ING noted Tuesday that traded volatility levels for the pound are "those you would expect during an emerging market currency crisis." The likening of the U.K. to an emerging market economy has become more prevalent among market commentators in recent days.

REUTERS/Kim Kyung-Hoon/File PhotoNEW YORK/LONDON, Sept 25 (Reuters) - Global investors are preparing for more market mayhem after a monumental week that whipsawed asset prices around the world, as central banks and governments ramped up their fight against inflation. "It's hard to know what will break where, and when," said Mike Kelly, head of multi-asset at PineBridge Investments (US). "Currency exchange rates ... are now violent in their moves," said David Kotok, chairman and chief investment officer at Cumberland Advisors. But the murky outlook meant that they were still not cheap enough for some investors. "We are of the view that markets are still massively underestimating the global economic growth hit that is coming," he said.

REUTERS/Kim Kyung-Hoon/File PhotoNEW YORK/LONDON, Sept 25 (Reuters) - Global investors are preparing for more market mayhem after a monumental week that whipsawed asset prices around the world, as central banks and governments ramped up their fight against inflation. "It's hard to know what will break where, and when," said Mike Kelly, head of multi-asset at PineBridge Investments (US). "Currency exchange rates ... are now violent in their moves," said David Kotok, chairman and chief investment officer at Cumberland Advisors. The fallout from the hectic week exacerbated trends for stocks and bonds that have been in place all year, pushing down prices for both asset classes. "We are of the view that markets are still massively underestimating the global economic growth hit that is coming," he said.

☆ Despite Biden's assurances, Middle East militaries are buying their own weapons to take on Iran at sea and in the air
▼ + stars: | 2022-09-21 | by ( Benjamin Brimelow | ) www.businessinsider.com time to read: +9 min

Saudi Arabia and the UAE have been investing heavily in new military hardware in order to Iran. The Royal Saudi Air Force's core strength are its 232 F-15 Eagles, at least 84 of which are F-15SA variants designed specifically for Saudi Arabia. A Royal Saudi Air Force F-15 at King Faisal Air Base in Saudi Arabia in February 2021. US and Bahraini officials in front of unmanned naval vessels at at Naval Support Activity Bahrain in Manama in January. US Navy/MCS1 Mark Thomas MahmodIMX 2022 was also the first time Israel and Saudi Arabia, which don't have diplomatic relations, officially took part in an exercise together.

☆ Why Joe Biden thinks he's never too old to be your president
▼ + stars: | 2022-09-13 | by ( Nicole Gaudiano | ) www.businessinsider.com time to read: +28 min

As the oldest sitting president, he's raising concerns about how long he can continue governing. Republicans — including Trump — have gleefully seized on Biden's verbal misadventures, such as when he called his vice president "President Harris." President Joe Biden drives the Ford's new all-electric F-150 Lightning in Dearborn, Michigan. Ruggerio described the idea that Joe Biden is diminished or can't remember things as "bull crap." Cox said that while he thinks Biden is "still Joe" and still capable, he worries that Biden's age is a problem.

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